U & I Financial Corp. Reports Second Quarter 2019 Financial Results

Net Income Increases 24% and Continues Record Growth

U & I Financial Corp. UNIF, the holding company for UniBank, today reported second quarter year to date net income of $2.7 million or $0.49 per share, as compared to $2.2 million or $0.39 per share for the same period in 2018. This represents an increase of $520 thousand or 24%. The year to date return on average assets increased to 1.75% from 1.58% for the year earlier period.

As of June 30, 2019 total assets was at a record level at $323.2 million, increasing by $34.6 million or 12% from the year earlier period of $288.5 million. Net loans also ended at a record level at $217.6 million, increasing by $15.5 million or 8% from the year earlier period of $202.1 million. Finally, total deposits was a record at $264.6 million, increasing $27.7 million or 12% from the year earlier period of $236.9 million.

"We are very pleased with the excellent financial results and the continued growth. We believe that UniBank is well positioned to consistently deliver outstanding returns to our shareholders. This is attributable to the hard work by our staff and the prudent oversight from our board of directors. Most of all, we thank our customers for trusting us for their banking relationships," said Peter Park, President and CEO of UniBank.

2019 Second Quarter Financial Highlights

Total assets grew 12% to $323.2 million as compared to $288.5 million a year ago.

Total loans, net of reserve, grew 8% to $217.6 million as compared to $202.1 million a year ago.

Total deposits grew 12% to $264.6 million as compared to $255.3 million a year ago.

Net income year to date grew 24% to $2.7 million as compared to $2.2 million one year ago.

Net income for the quarter grew 9% to $1.4 million as compared to $1.3 million one year ago.

Net interest income for the year grew 13% to $6.0 million as compared to $5.3 million one year ago.

Net interest margin for the year was 4.15% as compared to 4.14% one year ago.

Gain on sale of SBA loans was $1.3 million as compared to $908 thousand a year ago.

Return on average equity for the year was 12.06% as compared to 10.85% a year ago.

Return on average assets for the year was 1.75% as compared to 1.58% a year ago.

Nonperforming assets to total assets was 0.14% as compared to 0.47% a year ago.

About U & I Financial Corp.

UniBank, the wholly-owned subsidiary of U & I Financial Corp. UNIF, is one of the highest performing banks in Washington state in terms of return on assets. Based in Lynnwood, Washington, the bank was founded in 2006 to serve the small to medium-sized businesses, professionals, and residents with a particular emphasis on Korean and other ethnic minority communities. Customers can access their accounts in any of the 4 branches – Lynnwood, Bellevue, Federal Way and Tacoma – online, or through the Bank's ATM network.

For more information visit www.unibankusa.com or call (425) 275-9700.

Forward-Looking Statement Safe Harbor: This news release contains comments or information that constitutes forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Forward-looking statements describe U & I Financial Corp.'s projections, estimates, plans and expectations of future results and can be identified by words such as "believe," "intend," "estimate," "likely," "anticipate," "expect," "looking forward," and other similar expressions. They are not guarantees of future performance. Actual results may differ materially from the results expressed in these forward-looking statements, which because of their forward-looking nature, are difficult to predict. Investors should not place undue reliance on any forward-looking statement, and should consider factors that might cause differences including but not limited to the degree of competition by traditional and nontraditional competitors, declines in real estate markets, an increase in unemployment or sustained high levels of unemployment; changes in interest rates; adverse changes in local, national and international economies; changes in the Federal Reserve's actions that affect monetary and fiscal policies; changes in legislative or regulatory actions or reform, including without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act; demand for products and services; changes to the quality of the loan portfolio and our ability to succeed in our problem-asset resolution efforts; the impact of technological advances; changes in tax laws; and other risk factors. U & I Financial Corp. undertakes no obligation to publicly update or clarify any forward-looking statement to reflect the impact of events or circumstances that may arise after the date of this release.

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